A beruházás-gazdaságossági számítások gyakorlatban alkalmazott módszerei néhány európai országban = Capital budgeting methods used in some European countries

Abstract

Both the international and the Hungarian literature offer a large number of
capital budgeting methods that can be put into the practice of enterprises in a
satisfactory or less satisfactory way. Empirical researches have been conducted in
many countries to reveal which of the methods recommended by the literature are
used most frequently by corporate decision-makers in the phase of the decisionpreparation
process of investments. This paper provides a comprehensive review
of the capital budgeting methods preferred by corporate managers in some of the European countries. Based both on international research findings and my own empirical survey, three important observations can be made: the indicator of the payback period is calculated by a considerable amount of European corporations; among the dynamic methods, the net present value and the internal rate of return are the two most frequently used ones; (3) the use of the profitability index was typical of only in France and Hungary in the group of the surveyed countries.